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Australian (ASX) Gold Industry Analysis

UpdatedJul 24, 2026
DataAggregated Company Financials
Companies151
  • 7D3.5%
  • 3M-12.0%
  • 1Y38.1%
  • YTDn/a

The Gold industry is up 1.4% in the last week, with Evolution Mining up 5.2%. In the last 12 months, the industry was up 34%. As for the next few years, earnings are expected to grow by 22% per annum.

Industry Valuation and Performance

Has the Australian Gold Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 24 Jul 2026AU$137.9bAU$32.7bAU$6.8b11.2x20.2x4.2x
Sun, 21 Jun 2026AU$147.9bAU$32.7bAU$6.8b12.9x21.7x4.5x
Tue, 19 May 2026AU$145.3bAU$32.4bAU$6.7b13.7x21.7x4.5x
Thu, 16 Apr 2026AU$169.3bAU$32.2bAU$6.6b15.8x25.7x5.3x
Sat, 14 Mar 2026AU$157.4bAU$31.1bAU$6.2b23.2x25.2x5.1x
Mon, 09 Feb 2026AU$167.5bAU$26.3bAU$4.6b28.6x36.8x6.4x
Wed, 07 Jan 2026AU$166.0bAU$26.4bAU$4.6b26.8x36.3x6.3x
Fri, 05 Dec 2025AU$149.7bAU$26.4bAU$4.6b25.2x32.8x5.7x
Sun, 02 Nov 2025AU$139.9bAU$26.4bAU$4.6b24.3x30.5x5.3x
Tue, 30 Sep 2025AU$138.0bAU$26.3bAU$4.7b19.2x29.5x5.2x
Thu, 28 Aug 2025AU$113.2bAU$25.2bAU$4.7b15.6x23.8x4.5x
Sat, 26 Jul 2025AU$97.8bAU$22.2bAU$3.1b17.2x31.7x4.4x
Mon, 23 Jun 2025AU$102.8bAU$22.3bAU$3.1b19.1x33.3x4.6x
Wed, 21 May 2025AU$96.3bAU$22.4bAU$3.1b19.6x31x4.3x
Fri, 18 Apr 2025AU$99.0bAU$22.2bAU$3.0b19.6x32.5x4.5x
Sun, 16 Mar 2025AU$82.1bAU$22.2bAU$3.0b19x27x3.7x
Tue, 11 Feb 2025AU$82.3bAU$18.6bAU$1.8b22.1x44.8x4.4x
Thu, 09 Jan 2025AU$72.6bAU$18.7bAU$1.8b20.8x39.9x3.9x
Sat, 07 Dec 2024AU$74.4bAU$18.6bAU$1.8b22x41.1x4x
Mon, 04 Nov 2024AU$77.5bAU$18.5bAU$1.8b23.6x43x4.2x
Wed, 02 Oct 2024AU$68.1bAU$18.3bAU$1.8b22x37x3.7x
Fri, 30 Aug 2024AU$64.4bAU$17.9bAU$1.6b20.5x40.4x3.6x
Sun, 28 Jul 2024AU$59.0bAU$16.1bAU$1.1b22.4x54.2x3.7x
Tue, 25 Jun 2024AU$56.2bAU$16.1bAU$1.1b20.1x51.8x3.5x
Thu, 23 May 2024AU$61.2bAU$17.1bAU$1.2b21.9x51.6x3.6x
Sat, 20 Apr 2024AU$60.0bAU$17.2bAU$1.2b23.5x49.8x3.5x
Mon, 18 Mar 2024AU$52.0bAU$16.9bAU$1.3b18.2x40.1x3.1x
Wed, 14 Feb 2024AU$49.0bAU$15.3bAU$279.2m23.3x175.5x3.2x
Fri, 12 Jan 2024AU$73.6bAU$22.9bAU$1.3b23.5x54.7x3.2x
Sun, 10 Dec 2023AU$74.3bAU$22.9bAU$1.4b22.2x55x3.2x
Tue, 07 Nov 2023AU$71.3bAU$22.8bAU$1.3b22.8x53.3x3.1x
Thu, 05 Oct 2023AU$66.2bAU$23.1bAU$1.4b21.3x48.3x2.9x
Sat, 02 Sep 2023AU$70.2bAU$22.8bAU$1.5b19.1x48x3.1x
Mon, 31 Jul 2023AU$69.9bAU$22.3bAU$551.9m18.1x126.6x3.1x
Price to Earnings Ratio

126.6x


Total Market Cap: AU$69.9bTotal Earnings: AU$551.9mTotal Revenue: AU$22.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Gold Industry Price to Earnings3Y Average 47.8x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Gold industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 19.9x which is lower than its 3-year average PE of 47.9x.
  • The industry is trading close to its 3-year average PS ratio of 4.2x.
Past Earnings Growth
  • The earnings for companies in the Gold industry have grown 131% per year over the last three years.
  • Revenues for these companies have grown 14% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Australian Gold compare with similar industries?

AU Market-0.16%
Materials1.72%
Metals and Mining1.87%
Gold3.55%
Silver6.46%
Copper3.10%
Diversified Metals and Mining1.77%
Steel-0.33%
Precious Metals and Minerals-0.59%
Aluminum-2.56%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
EVN Evolution MiningAU$11.297.2%
+AU$1.5b		54.7%PE17.3x
NST Northern Star ResourcesAU$19.933.6%
+AU$982.5m		26.1%PE18.3x
GMD Genesis MineralsAU$5.875.6%
+AU$354.1m		49.7%PE16.8x
WGX Westgold ResourcesAU$4.626.2%
+AU$253.7m		75.0%PE17.2x
RRL Regis ResourcesAU$5.975.9%
+AU$249.9m		41.8%PE9.3x

Latest News

VAU
AU$4.85
Vault Minerals
7D
5.0%
1Y
88.9%
DTR
AU$0.13
Dateline Resources
7D
-3.8%
1Y
-7.4%
PRU
AU$4.76
Perseus Mining
7D
2.4%
1Y
33.7%
WGX
AU$4.62
Westgold Resources
7D
6.2%
1Y
75.0%
Narrative Update • Jul 22

WGX: Core Hubs And Asset Sales Will Support Stronger Future Returns

Analysts have lowered their price target for Westgold Resources to A$7.59 from A$8.33, citing updated assumptions that include a slightly higher discount rate, more moderate expectations for revenue growth and profit margins, and a higher future P/E multiple. What’s in the News for Westgold Resources Completed divestment of the Chalice Gold Project to Corazon Mining, with A$12.6 million in upfront consideration and a 19.9% equity stake in Corazon, with total transaction value potentially reaching A$23.6 million (source: company announcement, news reports).
STK
AU$0.079
Strickland Metals
7D
-4.8%
1Y
-50.6%
EVN
AU$11.29
Evolution Mining
7D
7.2%
1Y
54.7%
Narrative Update • Jul 21

EVN: Copper And Lithium Credits Will Support Future Margin Resilience

Analysts have trimmed their fair value estimate for Evolution Mining from A$19.45 to A$18.90, reflecting updated assumptions on growth, margins and valuation in light of recent rating changes and price targets around A$12.25 to A$12.70. Analyst Commentary Recent Street research on Evolution Mining shows a mix of views, but there are clear points of optimism that some investors may find useful when thinking about valuation, execution and growth potential.
SMI
AU$0.41
Santana Minerals
7D
-4.7%
1Y
-31.9%
RRL
AU$5.97
Regis Resources
7D
5.9%
1Y
41.8%
RMS
AU$3.00
Ramelius Resources
7D
4.5%
1Y
10.3%
Narrative Update • Jul 16

RMS: Edna May Sale And Production Delivery Will Support Future Returns

Analysts have lifted their price target for Ramelius Resources to A$6.85 from A$6.21, reflecting updated assumptions around revenue growth, profit margins, a slightly higher discount rate, and a modestly lower future P/E multiple. What’s in the News for Ramelius Resources Ramelius Resources has a binding agreement to sell its Edna May Gold Hub to Forrestania Resources for A$300 million, split between A$200 million in upfront cash and A$100 million in Forrestania shares, subject to escrow and sale commitments.
NST
AU$19.93
Northern Star Resources
7D
3.6%
1Y
26.1%
Narrative Update • Jul 14

NST: Leadership Upheaval And Activist Demands Will Sustain Overvaluation Risk

Analysts have trimmed their price target for Northern Star Resources from A$15.58 to A$15.20, citing updated assumptions for revenue growth, profit margins, and a higher future P/E multiple in their valuation work. What’s in the News for Northern Star Resources Northern Star Resources has appointed Suresh Vadnagra, a Glencore executive with over 25 years of mining experience, as its next Managing Director and CEO from 5 October 2026, with CFO Ryan Gurner acting as interim CEO during the transition period.
GMD
AU$5.87
Genesis Minerals
7D
5.6%
1Y
49.7%
Narrative Update • Jul 10

GMD: Vault Minerals Bid And Synergy Upside Will Reshape Future Scale

Analysts have trimmed their fair value estimate for Genesis Minerals from A$9.16 to A$8.72. They now apply a slightly higher discount rate and more moderate assumptions for revenue growth and profit margins, while keeping longer term P/E expectations broadly similar.
LRM
AU$0.019
Lion Rock Minerals
7D
-11.6%
1Y
-71.6%
SGC
AU$1.15
Sinclair Gold
7D
-16.1%
1Y
219.4%
TSO
AU$0.82
Tesoro Gold
7D
-6.8%
1Y
88.5%
MM8
AU$0.40
Medallion Metals
7D
-3.6%
1Y
48.1%
PC2
AU$0.89
PC Gold
7D
-16.5%
1Y
n/a